The Australian Dollar fell 0.00377 points or 0.48% to 0.78023 against the US Dollar on Wednesday. Investors retreated from the risk-sensitive Aussie amid mounting inflation fears as global economies recover from the Covid-19 pandemic. Local 10-year rates touched 2-month highs of 1.845%, while US 10-year rates were at 1.622%. US CPI data due later in the session is expected to show that inflation in April jumped to the highest level since September 2011. Meantime, the number of US job openings rose by 597 thousand from the previous month to 8.123 million in March, the highest level since the series began in December 2000. In local data, building permits rose 17.4% mom to the second-highest on record of 23,176 units in March, unrevised from the preliminary reading and after a 20.1% gain in February.
Historically, the Australian Dollar reached an all time high of 1.49 in December of 1973. Australian Dollar - data, forecasts, historical chart - was last updated on May of 2021.
The Australian Dollar is expected to trade at 0.78 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.77 in 12 months time.